House Prices Continued To Rise In November 2006

Dec. 14, 2006 – According to, the average asking price for UK residential property rose by 0.4% to £206,382. This brings the rise over the last 6 months to 7.5%, and a rise of 12.1% for the year so far and 13% over the last 12 months.

In November 2006 the average asking price for a detached property was £282,942, a semi-detached £188,109, a bungalow £221,786, a terraced £155,449 and a flat £168,620.

The average asking price in London for November rose by 0.9% to £343,880 which brings the year so far to a huge 15.8%. The top five areas with the highest rises were Camden (+3.6%), Brent (+3.4%), Bexley (+3.3%), Hammersmith and Fulham (+3.2%), Kensington and Chelsea (+3.1%).

House prices are expected to continue to rise in 2007. Interest rates may have peaked at 5%, the labour market is stable, the economy is strong and there is a continuing demand for property. Affordability seems to be the main factor that could stem growth, but with the wide choice of mortgages such as interest only, part repayment/part interest and 30 year terms there is flexibility to suit different budgets.

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